Phoenix, AZ (My Sportsbook) - The Los Angeles Dodgers and 12-time All-Star outfielder Manny Ramirez have finally ironed out a new contract, ending four months of negotiations.

It's a two-year contract worth a reported $45 million with a player option -- basically the same Los Angeles offer that was rejected by agent Scott Boras last week.

"We are thrilled that Manny wants to be a Dodger and that he has made such a tremendous commitment to the Los Angeles community," said Dodger owner Frank McCourt. "We witnessed something very special last year in the way that our fans connected with him and the manner in which the team came together. Now, we focus our complete and undivided attention on our primary goal - winning a World Championship."

Ramirez and the Dodgers went back and forth over the past few months, trading offers. Boras had said there were other teams interested in Ramirez, although there were never any serious discussions with other clubs.

The deal will apparently pay Ramirez $25 million in 2009 and $20 million for 2010. It also reportedly includes deferred payments and an opt-out clause after the upcoming campaign.

"We all wanted the same thing," said Dodgers manager Joe Torre. "That's what seemed to be apparent to me. Manny certainly was comfortable here, and after last year and the time he spent with us, we knew we wanted him back."

Both sides had apparently agreed to the deal in principle and Ramirez traveled to Los Angeles to meet with McCourt. Torre and general manager Ned Colletti also left spring training in Arizona to join the final negotiations.

"Manny has shown that he has an ability to significantly alter our lineup," said Colletti. "Our organization has maintained its commitment to our core of young, homegrown talent while also retaining such key veterans as Casey Blake, Rafael Furcal, and now Manny, all of whom helped us reach the National League Championship Series.

"Manny showed great leadership in the clubhouse and on the field last season and to say we're very pleased that he's back with the Dodgers is an understatement."

The 36-year-old Ramirez was an unrestricted free agent after completing an eight-year, $160 million deal he signed with Boston in 2001. The Dodgers acquired the slugger from the Red Sox last July 31 and Ramirez put up incredible numbers over the final two months of the regular season, leading Los Angeles to a National League West Division title and an appearance in the League Championship Series before losing to the eventual World Series champion Philadelphia Phillies.

After batting .396 with 17 homers and 53 runs batted in over just 53 regular- season games with the Dodgers, Ramirez was seeking a four-year deal in the range of $100 million. Those offers, apparently, never materialized.

He ranks 17th on baseball's all-time home run list with 527, and is one of only eight players in baseball history with at least 12 seasons with 30 or more homers. Ramirez is also one of just nine players in history to hit at least 20 home runs in 14 straight seasons. He is a career .314 hitter in 2,103 games with Cleveland (1993-2000), Boston (2001-2008), and the Dodgers (2008).

As part of his new contract, Ramirez will make a $1 million commitment to the Dodgers Dream Foundation that will help fund Dodgers Dreamfields.